Insight and inspiration in turbulent times.
An extra 3 million barrels per day (bpd) of production capacity worldwide is needed to avoid another year of blistering oil prices, International Energy Agency (IEA) executive director Claude Mandil warned on Sunday.
When the question of oil and gas depletion is raised the flat earth fraternity often can’t help themselves laughing whilst pointing out “but we’ve never produced more than we are today, the world is awash in oil and gas”. A sobering lesson is to be learnt by looking at the current depletion rates in New Zealand’s Maui natural gas field.
Sydney-based Energy Economics is forecasting sharp increases in the prices of thermal coal used for electricity generation and metallurgical coal when annual price negotiations are concluded for the new Japanese fiscal year.
Rising energy prices could force Australia to re-visit the nuclear power debate, an energy expert believes.
Shares in some exploration firms — often a boom-or-bust bet for investors — have tripled and quadrupled in value in the past year, outperforming the sector and giant integrated peers such as Shell and Total.
The first round of the public announcement of the blocks offered for investment in oil exploration fields across Libya was held yesterday in Tripoli.
“Experts say the stark reality is that oil and oil-derived products will inevitably shoot up again in price as demand exceeds production. And this will happen sooner than most people think.”
Hundreds of Canadian troops were all around. Helicopters swooped over the tin roofs of this isolated hamlet. A navy frigate and coast guard icebreaker were moored and readied in a nearby fjord.
For two years, the U.S. has pursued war with a vengeance that has shocked and awed ally and enemy alike. But even the devastating attacks on the Afghan and Iraqi regimes don’t illustrate the true scope of the campaign. While everyone was preoccupied with the fireworks, Washington has quietly deployed thousands of agents in a secretive struggle that may last a lifetime.
The Bush Administration in a second term may have a strategy for itself and its powered elite: to be the “last man standing,” adopting the strategy author Richard Heinberg describes as the worst possible reaction to global oil peak.
Many energy experts predict that not only won’t the price decline last long, but Americans soon will have to say goodbye forever to plentiful, cheap oil.
With the price of oil hovering around US$40 per barrel, it is easy to assume that the oil-producing countries are laughing all the way to the bank. Indonesia, a seasoned player in the yo-yo market of oil revenue, has been careful not to take the current financial windfall too far, however, and for good reason.
